SPY443.91+0.73 0.16%
DIA347.87+0.31 0.09%
IXIC15,047.70-4.55 -0.03%

BNP Paribas in talks with Chinese bank on wealth management venture, sources say

BNP Paribas in talks with Chinese bank on wealth management venture, sources say

reuters.com · 09/02/2021 03:40
BNP Paribas in talks with Chinese bank on wealth management venture, sources say

- BNP Paribas BNPP.PA is in talks with Agricultural Bank of China (AgBank) to form a wealth management venture, sources said, as the French financial services group seeks a bigger share of China's $19 trillion asset management market.

BNP Paribas' investment management arm will hold a majority stake in the planned venture with AgBank's wealth management subsidiary, two sources with direct knowledge of the talks said, without giving financial details.

BNP Paribas declined to comment. AgBank 601288.SS, 1288.HK, China's third biggest lender by assets, didn't return an emailed request for comment.


(Reporting by Samuel Shen, Cheng Leng and Andrew Galbraith; Editing by Edmund Blair)

((samuel.shen@thomsonreuters.com; +86 21 20830018; Reuters Messaging: samuel.shen.thomsonreuters.com@reuters.net))